Mid-Afternoon Market Update: Dow Gains Over 100 Points; Aehr Test Systems Shares Slide

Mid-Afternoon Market Update: Dow Gains Over 100 Points; Aehr Test Systems Shares Slide

Toward the end of trading on Friday, the Dow traded up 0.32% to 36,351.67 while the Nasdaq fell 0.68% to 14,978.67. The S&P also fell, dropping, 0.17% to 4,688.12.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 59,564,110 cases with around 855,840 deaths. India confirmed a total of at least 35,226,380 cases and 483,170 deaths, while Brazil reported over 22,395,320 COVID-19 cases with 619,730 deaths. In total, there were at least 301,006,860 cases of COVID-19 worldwide with more than 5,491,880 deaths.

Leading and Lagging Sectors

Energy shares climbed 1.5% on Friday. Meanwhile, top gainers in the sector included Sabine Royalty Trust (SBR), up 11% and Ur-Energy Inc. (URG), up 7%. In trading on Friday, consumer discretionary shares fell 1.7%.

Top Headline

The US economy added just 199,000 jobs in December, well below analysts’ estimates of 422,000. The unemployment rate, however, dropped to 3.9%, the lowest since February 2020. Wage growth was 4.7%, down slightly from 4.7% in November.

Equities Trading Up

  • Marin Software Incorporated (MRIN) shares shot up 24% to $4.2899 after the company announced an integration with Amazon Ads' demand-side platform.
  • Shares of Absci Corporation (ABSI) got a boost, shooting 16% to $7.14 after the company announced a research collaboration with Merck.
  • Discovery, Inc. (DISCA) shares were also up, gaining 16% to $29.91 after B of A Securities upgraded the stock from Neutral to Buy and raised its price target from $34 to $45.

Equities Trading Down

  • Siyata Mobile Inc. (SYTA) shares tumbled 42% to $1.86 after the company announced pricing of a $20 million underwritten public offering.
  • Shares of Aehr Test Systems (AEHR) were down 18% to $16.75 after reporting Q2 results.
  • Kura Sushi USA, Inc. (KRUS) was down, falling 22% to $54.64 as the company posted downbeat Q1 sales.

Commodities

In commodity news, oil traded down 0.5% to $79.08, while gold traded up 0.4% to $1,796.90. Silver traded up 0.8% Friday to $22.375 while copper rose 1.2% to $4.4050.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 dropped 0.39%, London’s FTSE 100 rose 0.47%, while Spain’s IBEX 35 Index fell 0.43%. The German DAX dropped 0.65%, French CAC 40 declined 0.42% and Italy’s FTSE MIB Index dropped 0.13%.

The French current account deficit widened to EUR 3.6 billion in November from a revised EUR 2.5 billion gap in the prior month, while the trade deficit increased to EUR 9.73 billion from EUR 7.70 billion. France's industrial production dropped 0.4% in November.

German trade surplus shrank to €12 billion in November from €16.8 billion in the year-ago period, while current account surplus fell to EUR 18.9 billion from EUR 21.7 billion. Industrial production in Germany fell 0.2% from a month ago. The Halifax house price index in the UK surged 9.8% year-over-year in December.

Economics

The US economy added just 199,000 jobs in December, well below analysts’ estimates of 422,000. The unemployment rate, however, dropped to 3.9%, the lowest since February 2020. Wage growth was 4.7%, down slightly from 4.7% in November.

The total number of active U.S. oil rigs rose by 1 to 481 rigs this week, Baker Hughes Inc reported. Data on consumer credit for November released at 3:00 p.m. ET.

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